Bal Harbour Shops To Expand by 300,000 Square Feet

Miami-based Whitman Family Development will expand Bal Harbour Shops by 300,000 square feet.

Miami Beach, Fla. — Whitman Family Development is planning a 300,000-square-foot expansion of Bal Harbour Shops, including a new Barneys New York location and three-story promenade. The company has received $550 million in financing to expand the iconic center in Miami Beach. The 463,114-square-foot mall is home to anchors Saks Fifth Avenue and Neiman Marcus. Miami-based Whitman Family Development will use $150 million of the loan to pay off an existing loan and $400 million to expand the center by 300,000 square feet, bringing the total to 763,114 square feet. The expansion will include a 57,414-square-foot space to be occupied by Barneys New York, a three-story promenade that will be added to connect Barneys to the existing palm tree-lined promenade, a new grand entrance at the northeast quadrant of the property and the expansion of the Neiman Marcus space by 20,000 square feet. MetLife Investment Management provided the loan. The $150 million portion features a fixed interest rate for eight years while the $400 million portion is underwritten with a floating interest rate. Other tenants at Bal Harbour Shops include Chanel, Gucci, Van Cleef & Arpels, Tiffany & Co., Salvatore Ferragamo and Valentino. Manny de Zárraga, Chris Drew, Jim Dockerty and Matthew McCormack of HFF arranged the loan on behalf of Whitman Family. Arun Singh and Jay Gadsby of MetLife Investment Management originated the loan.

Much of the spotlight surrounding in-demand tenants at today's shopping centers is focused on food and beverage and entertainment users.
This is a solid strategy, agrees Steven Maksin, founder and CEO…